Bitcoin prices are tumbling once more after a Cointelegraph report indicated that the financial market regulators are planning a prohibition on retail cryptocurrency trading.
According to the report, the decision by the FTSB has been passed on to the city’s legislature, which will mean that only millionaires will be allowed to trade cryptocurrencies in Hong Kong. Similarly, China’s Vice Premier Liu has said that the Chinese government will initiate a crackdown on crypto mining and trading activities. Liu heads the Financial Stability and Development Committee and his remarks made on Friday came after the government prohibited cryptocurrency transactions by banks and other financial institutions in the country.
Technical Outlook for BTC/USD
Bitcoin price action is testing the 4 February low at 36187. A breakdown of this price level opens the door towards 35000 before 32923 and 29961 become additional targets to the south.
On the flip side, a bounce off of this new support targets 37895, after which a recovery towards the 40,000 psychological support becomes feasible. A further advance allows 41912 and 45000 to become additional targets to the north.